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15/03/2011

LaSalle IM launches a property derivatives activity

p { margin-bottom: 0.08in; } LaSalle Investment Management, which has USD40bn in assets under management, will create a property derivatives business for its pension fund clients, IPE.com reports. It will be a joint venture with the brokerage firm BGC Partners.
15/03/2011

Legg Mason seeking opportunities for external growth

p { margin-bottom: 0.08in; } Mark Fetting, chairman and CEO of Legg Mason, estimates that the asset management firm he heads has recovered, and is now in good shape to seek acquisitions in Europe, with the objective of eventually achieving a 50/50 distribution of assets between the United States and other countries, the Frankfurter Allgemeine Zeitung reports. However, Fetting says, potential acquisitions should be of a smaller size, so as not to transform the group, and Legg Mason is not giving up on organic growth.Potential acquisitions are expected to concern managers focused on international equities. Legg Mason is also planning to build a presence in international real estate, commodities, and private equity.
15/03/2011

Two executives of Lazard Frères Gestion appointed as partners at Lazard

p { margin-bottom: 0.08in; } Two members of the team at Lazard Frères Gestion have been appointed as partners at Lazard, a statement says.They are Jean-Jacques de Gournay, head of relationships with institutional investors, distributors and independent financial advisers (IFAs), who has been a managing partner at Lazard Frères Gestion since 2007, and Matthieu Grouès, head of collective and institutional asset management at Lazard Frères Gestion since 2009.They join the current partners François-Marc Durand, head of asset management activities in France, and François de Saint-Pierre, head of private management activities in France.
15/03/2011

CalPERS approves a new allocation model for individual pension assets

p { margin-bottom: 0.08in; } Californian pension fund CalPERS on 14 March announced that it has approved a new asset allocation model, which will offer three new investment portfolios for its retiree benefit trust, a fund created four years ago to provide advance financing for health spending of pensioners.The new portfolios will include inflation-linked and commodity-linked bonds, as well as international equities and real estate.
15/03/2011

SPGP reshuffles fund management

p { margin-bottom: 0.08in; } Following a report which appeared on 11 March on Citywire, announcing the departure of Frédéric Motte and Jérôme Archambeaud from the asset management firm SPGP, Xavier Roulet, chairman and CEO of the firm, has confirmed to Newsmanagers that the two managers of Focus Europa, one of the flagship funds of the range, submitted their resignations on 1 February. The news reports in the press have accelerated events, and the two managers were yesterday, 14 March, instructed to leave before the end of their notice periods. Institutional and retail clients are invested in the fund. In practice, the management of Focus Europa, composed of European large caps, will be taken over by Marie-Jeanne Missoffe, who already manages another European fund from the firm, investing in small and midcaps. The new manager of the fund is there to stay, says Roulet, who adds that no recruitment is planned to replace the two outgoing managers. According to information received by Newsmanagers, Motte and Archambeaud are planning to found their own asset management firm, and have already submitted an application to the French regulator, the Autorité des marchés financiers (AMF).
15/03/2011

ABC Arbitrage preparing three new funds

p { margin-bottom: 0.08in; } ABC Arbitrage announced net profits for the part of the group in 2010 of EUR29bn, compared with EUR30.4m, a good result in light of the decline both of volatility on markets, and volumes, the chairman of the board, Dominique Ceolin, has announced. The performance is partly due to an increase to 37%, compared with a traditional level of 85-90%, of the proportion of trades with exogenous risks as a proportion of total operations.Asset management on behalf of third parties (GCT) earned returns of EUR1.2m last year, compared with less than EUR0.2m in 2009. The ABCA Opportunities fund (mergers and acquisitions), launched in 2007, which was put in hibernation during the crisis, generated returns of 5.02% on one year, and its assets represent EUR32m, of which EUR18m are seed capital. Its capacity is estimated at EUR150m. The ABCA Reversion fund (statistical arbitrage), launched in May 2010, turned in performance of 16.54% over 8 months (in a market down 3%), and its assets total EUR30m, of which EUR14m are seed capital. Capacity is estimated at EUR300m.Ceolin has announced that ABC Arbitrage is planning to develop its third-party asset management with the launch of three new funds. The fist two will probably be Irish statistical arbitrage products, one focused on equities, and the other on currencies. The last fund, which may be a French-registered fund, would be a multi-strategies product which would cover all the expertise in the existing range.
15/03/2011

Repsol sells 2.9% of YPF to Lazard

p { margin-bottom: 0.08in; } In a filing to the CNMV, Repsol announced that it has sold 3.83% of its Argentinian affiliate YPF to investment funds, including 2.9% to Lazard Asset Management, at a price of USD42.40 per share. The transaction represents a total of USD639m, which values YPF at nearly USD16.68bn. The stake acquired by Lazard AM corresponds to USD484m, while the stake bought by other funds represents USD155m.
15/03/2011

LVAM to reorient its multi-management portfolio

p { margin-bottom: 0.08in; } Paul Kim, who arrived on Monday from FundQuest as head of LV= Asset Management (LVAM) multi-management, is planning to integrate the Schroders UK Alpha Plus and Axa Framlington UK Select Opportunities funds into the portfolio, Fund Strategy reports. Kim, who arrived with Richard Timberlake (also from FundQuest), is planning to reallocate about 30% of the portfolio of LVAM in the next three months.
15/03/2011

Kleinwort Benson aquires Close Brothers Offshore Group

p { margin-bottom: 0.08in; } Kleinwort Benson Channel Islands Holdings Limited, an affiliate of RHJ International, has acquired the private banking, fund administration and management activities in Guernsey, Jersey and the Isle of Man of Close Brothers Offshore Group (COG) and the COG service centre in Cape Town, for GBP29.1m, with a potential adjustment depending on assets at the time that the transaction is completed.The deal, announced on 14 March, will bring assets at the Kleinwort Benson private bank to about GBP7bn.COG employs 350 people at these locations, and Kleinwort Benson has 358 employees in the Channel Islands and 271 in the UK.
15/03/2011

Thames River chief sells F&C shares

p { margin-bottom: 0.08in; } Charlie Porter, the head of Thames River Capital, has sold shares in F&C for about GBP1.7m, after investing in several funds from the group, Investment Week reports.
15/03/2011

Skandia awards a mandate to an F&C manager

Skandia Investment Group (SIG) has handed a GBP21m mandate in its Skandia UK Best Ideas Fund to Peter Lees at F&C Investments. The addition of F&C Investments to the UK Best Ideas line-up sees Peter Lees taking over the mandate from Colin Mclean of SVM Asset Management. The latter will continue to manage a mandate for the UK Strategic Best Ideas fund. The other managers of the fund are: Richard Buxton of Schroders, Richard Packett of BlackRock, Audrey Ryan of Aegon, Jacob de Tusch-Lec of Artemis, and Dan Nickols of OMAM. They all have 18% of the fund, except for Dan Nickols who manages 10%.
15/03/2011

Insynergy launches a fund dedicated to emerging markets equities

p { margin-bottom: 0.08in; } Investment Week reports that the British asset management firm Insynergy is planning to launch an income fund dedicated to emerging markets equities.The new fund, the Insynergy New World Equity Income fund, managed by a team at Kleinwort Benson Investors (KBI) led by Gareth Maher, will include 100 positions, and will aim for returns of 4.5%.The fund will be able to invest in emerging Asia, Latin America, emerging Europe and the North Africa/Middle East region.Last year, about 61% of Asian companies paid dividends, compared with 33% of emerging markets companies. Spike Hughes, CEO of Insynergy, says this means that dividends from emerging markets firms have a much greater chance of increasing than others.
15/03/2011

Funds of hedge funds bite into performance

p { margin-bottom: 0.08in; } Investing in hedge funds via funds of hedge funds reduces annual returns by 3 percentage points, according to a study by the Universities Superannuation Scheme, the second-largest pension fund in the UK, cited by Financial Times Fund Management. GBP100m invested for 10 years in hedge funds would now be worth GBP270m, while the same amount invested in funds of hedge funds would now be worth only GBP197m.
15/03/2011

L'Eurogroupe peaufine les détails du FESF

La révision du fonds de stabilisation de l’euro butait encore hier à Bruxelles sur quelques points cruciaux comme la répartition de la charge entre les pays notés AAA et les autres, la structuration du futur capital du fonds ou le tarif appliqué aux bénéficiaires de ses interventions.
15/03/2011

L'Ecosse devrait profiter de l'écologie

La collecte des émissions de dioxyde de carbone et leur stockage en Mer du Nord pourrait engendrer la création de quelque 13.000 emplois en Ecosse et 14.000 supplémentaires dans le reste du Royaume-Uni dans les neuf prochaines années, indique le quotidien qui cite une étude réalisée par le gouvernement écossais. La valeur du marché pour le pays est estimée à 10 milliards de livres d’ici 2025.
15/03/2011

La Chine élargit la convertibilité du yuan

La Chine pourrait quadrupler le montant en yuans que chaque citoyen chinois est autorisé à échanger contre une autre devise, indique le quotidien chinois qui cite une source proche du ministère des affaires étrangères. Les Chinois seraient ainsi autorisés à échanger l’équivalent en yuans de 200.000 dollars, contre un plafond actuel de 50.000 dollars.
15/03/2011

IPO en vue pour Apollo

Reuters croit savoir que la société de private equity va divulguer aujourd’hui les conditions d’une introduction en Bourse attendue de longue date. Une IPO qui pourrait lui permettre de récolter jusqu’à 500 millions de dollars, essentiellement par l’émission de nouvelles actions, la direction d’Apollo Management ne cédant pas de titres.
15/03/2011

Lazard nomme deux associés

Lazard Frères Gestion a annoncé que Jean-Jacques de Gournay et Matthieu Grouès ont été nommés associés de Lazard. Ils rejoignent les actuels associés François-Marc Durand, responsable des activités de gestion d’actifs en France, et François de Saint-Pierre, responsable des activités de gestion privée en France.
14/03/2011

Le Sommet européen détend les périphériques

L’accord inattendu trouvé ce week-end entre chefs d’Etat européens sur la réforme des mécanismes d’aides aux pays en difficulté permettait lundi une nette détente des spreads des emprunteurs périphériques. Les rendements portugais baissaient de 20 à 30 points de base selon les maturités, ceux de l’Espagne de 15 à 20 pb. La détente est encore plus nette en Grèce, qui a bénéficié d’un réaménagement de ses prêts bilatéraux. Seule l’Irlande, revenue les mains vides du Sommet, ne bénéficie pas de ce répit. Les annonces du week-end ont aussi permis aux valeurs bancaires européennes d’ouvrir en nette hausse lundi, et de contrebalancer l’effet de la catastrophe au Japon sur les indices actions occidentaux.
14/03/2011

Accélération inattendue de l'inflation en Inde

L’inflation en Inde a marqué une accélération inattendue en février sous l’effet de la progression des prix du carburant et des produits manufacturés, confortant l’hypothèse de nouvelles hausses des taux par la banque centrale cette semaine et au cours des prochains mois. L’indice des prix de gros, principal indicateur de l'évolution des prix en Inde, a progressé de 8,31% en février après une augmentation de 8,24% en janvier.
14/03/2011

L'expansion devrait continuer dans les pays de l'OCDE

Les indicateurs composites avancés de l’OCDE pour le mois de janvier de l’Allemagne et des Etats-Unis «continuent d’indiquer de manière robuste une expansion par rapport à la tendance», explique l’organisation. Pour le Canada et la France, ils montrent des signes de retour vers une dynamique de croissance tandis que, pour le Royaume-Uni, ils signalent une expansion à un rythme lent mais stable. Pour la Chine, ils traduisent la possibilité d’un infléchissement modéré de la croissance, tandis que celui du Brésil reste proche de sa tendance de long terme.
14/03/2011

Les banques chinoises ont prêté moins que prévu en février

Les banques chinoises ont octroyé 535,6 milliards de yuans de nouveaux crédits en février, soit moins que les 650 milliards attendus par les marchés, a annoncé lundi la Banque populaire de Chine. Fin février, les prêts accordés étaient en hausse de 17,7% par rapport à l’année précédente, alors que les économistes anticipaient une progression de 18,1%.

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